The global fish and seafood market size is expected to reach USD 576.0 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.3% from 2021 to 2028. The growing awareness regarding the health benefits, such as reducing the risk of chronic diseases and balancing hormone levels, is expected to accelerate the market growth over the forecast period.
The growing contract farming and various government policies regarding the production of fish and seafood across the globe are boosting the market growth. Moreover, rising per capita consumption and the growing consumer expenditure on fish and seafood products are some of the key factors behind the growth of this industry. However, changing climatic conditions like the acidity of water of oceans, oxygen level, and temperature could affect the cultivation of fish and seafood products, which may hinder the market growth.
The pandemic-induced lockdown across various regions had disturbed transportation and suspended the supply of fish and seafood products for a short duration. The supply chain is susceptible to being disrupted or stopped by the restrictions imposed due to the COVID-19 pandemic. In aquaculture, the unsold production of fish and seafood has resulted in increasing levels of live fish stocks. Furthermore, it has created higher costs for feeding and risks of fish mortalities.
The processed fish and seafood product segment is expected to expand at the fastest CAGR of 4.1% from 2021 to 2028. The rising production of value-added processed food products is boosting the demand for this segment in developed economies. Moreover, the growing health consciousness among the consumers has increased the demand for nutritious processed fish and seafood products as the consumption of fish products will reduce the risk of chronic diseases, which, in turn, is accelerating the market growth.
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The cured form segment is anticipated to exhibit the fastest growth rate of 4.6% from 2021 to 2028. Continuously changing lifestyles, coupled with the busy life schedules of consumers, are expected to accelerate the demand for cured products. Moreover, increasing preservation of fish and seafood to prevent excessive dehydration during storage and contamination with harmful bacteria is propelling the growth of this segment.
The online distribution channel segment is expected to register the fastest CAGR of 4.3% from 2021 to 2028. An upsurge in product sales through various company-owned websites and e-commerce platforms is expected to propel the segment growth over the forecast period. Moreover, the increasing usage of the internet and smartphones is accelerating the growth of this segment.
Asia Pacific captured the largest share of over 60.0% in 2020. The rising demand for protein-rich food products and growing awareness regarding the health benefits of consuming fish and seafood products are expected to accelerate the regional market growth. Moreover, the increasing consumption of fish and seafood products in developing countries like China, India, and Indonesia owing to consumers’ inclination towards a healthy lifestyle, changing dietary habits, and the rising disposable income will further boost the regional market growth.
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